$1.6M Drained💰Gold Meets Blockchain
Explore gold-backed IPMB coin, insights on Yuga Labs' legal victory and the fraud that impacted 1000+ police officers. Dive into web3 products to make your life easier!
GM fam! Welcome back to This Week in Web3 — delivered by Spacekayak, powered by The Product House 🚀
Let’s jump into the courtroom where Yuga Labs won a case and raised an important question in the digital art world and explore how gold is meeting blockchain. 🤭 We’ve also got the coolest web3 products curated for you, as always, so that you can level up in web3!
For you and Posty this week👇
Digital Art on Trial
When Gold met Blockchain
Weekly product spotlight
Weekly Web3 Updates, jobs and more!
Estimated Reading Time: 3:10 minutes
Digital Art on Trial: The Fine Line Between Parody and Infringement
Yuga Labs has won a recent case, and the BAYC community can’t be happier.
Recently, a US District Judge had ordered Ryder Ripps and Jeremy Cahen to pay $1.57 million along with the legal fees to Yuga Labs for their satirical NFT collection. This event had a significant impact on the NFT world, but what does this verdict suggest?
The Backdrop
The story began when Ripps and Cahen unveiled their RR/BAYC collection in May 2022, mirroring Yuga Labs’ BAYC series.
The Twist: They claimed it was a critique of Yuga’s alleged propagation of undesirable symbols.
Yuga Labs flagged this as an infringement, starting a legal crucible that examined the delicate boundary between digital parody and trademark violation. 🚫
Trademark Protection Reaffirmed
The verdict is said to have reaffirmed the sanctity of trademark rights:
Trademark infringement is a serious offence.
A recent legal verdict serves as a reminder of the importance of protecting trademark rights in the digital art world.
The substantial financial penalty imposed in the case underscores the need to be cautious when dealing with trademarks.
It is not enough to create; one must also respect the rights of the established digital tapestry.
Dissecting Digital Parody
In the courtroom, there were heated arguments, but eventually, the gavel fell, marking the difference between parody and infringement.
👉🏻 This case was a reminder that not everything claiming to be a critique under the guise of parody can avoid legal consequences. It is a call to digital artists to understand the legal landscape before they create their artwork.
Financial Repercussions and Beyond
The case didn’t end at the financial penalty: the injunction, the surrender of domain names and accounts – a holistic retribution that signals a no-nonsense stance against infringing antics. 💰
👉🏻 The permanent injunction against Ripps and Cahen articulates: Play by the rules, or face the judicial music. It’s a narrative of protection, not just retribution. 🛑
Key Takeaways
Two things should be noted here, including the allegations against BAYC for inappropriate and hateful imagery.
The BAYC community had mixed feelings about the allegations. Some felt the art was insensitive and wanted changes, while others believed it was misunderstood. This situation highlighted the importance of understanding and respect in the digital art world, especially in NFTs. It shows the need for clear ethical guidelines in this field.
While it's great to challenge BAYC's or any other brand/project’s questionable imagery using parodies, it's essential to stay within legal limits and not confuse parody with plagiarism. Otherwise, the parody's main message gets lost.
What do you think Ripps and Cahen could have done better here? Let’s hear your thoughts in the comments below.
Dive deeper into Web3 basics with The Product House 🚀
Open doors for bigger and better opportunities by kickstarting your journey led by seasoned Web3 builders. Your glorious Web3 self is just one click away! 👇
Weekly Product Spotlight ⚡️
Rubic
Rubic is your all-in-one solution for seamless Web3 interactions, designed to simplify the development and user experience of decentralized applications (dApps). It includes over 60 major blockchains and 90+ DEXs and bridges. Whether you're a developer looking to quickly deploy cross-chain dApps with ready-made templates or a user seeking the best rates for asset swaps across multiple platforms, Rubic offers unparalleled efficiency, security, and interoperability.
🚀 Get started with Rubic and experience the future of Web3 today.
Masa SBT
Discover the future of web3 with the Masa SBT app. Unlock unique rewards and utilities through your soulbound identity with a .soul domain. Earn Masa Tokens and stablecoins with its referral program and Soulbound Airdrops. Safely generate your web3 Credit Score and access instant loans. Supported on Ethereum, Celo, BNB Chain, and Base (testnet).
🚀 Masa is your fast track to a rewarding Web3 experience.
Got a product you want to get on our 33K+ readers’ radar? Fill out this form and tell us all about your product. Let’s get you, your team and your product the hype it deserves 👇
Web3 Shorts 🪄
🪙 Gold Meets Blockchain for Stability & Growth
International Precious Metals is merging 250 years of gold expertise with blockchain to offer a stable crypto entry point. IPM has launched the gold-backed International Precious Metals Bullion (IPMB) coin and the Globally exchanged Metal (GeM) NFT. IPMB represents 1 gram of physical gold and is audited by Grant Thornton. Trading starts on Changelly on Oct. 30. GeM NFTs, also backed by gold, offer users a 12% discount if they hold IPMB for a year. The initiative aims to attract users concerned about crypto volatility, offering the stability of gold in a digital format.
🎭 $1.6M Exit Scam with Actor Executives
Web3 gaming project FinSoul allegedly staged an elaborate exit scam, draining $1.6 million from investors. According to blockchain security firm CertiK, the project hired actors to pose as executives and then transferred the funds to themselves. They reportedly laundered the money through Tornado Cash. This isn't their first rodeo; a prior project by the same team allegedly stole $31.6 million. Despite these allegations, the project has been relaunched and is currently valued at $1.29 per coin. The case serves as another cautionary tale in the world of decentralized finance, urging investors to exercise due diligence.
📜 Taiwan Unveils Comprehensive Crypto Regulatory Bill
Taiwan has introduced a groundbreaking bill called the "Virtual Asset Management Regulations Draft" to establish a robust regulatory framework for the crypto sector. Aimed at protecting investors and maintaining financial stability, the bill lays out comprehensive rules for virtual asset service providers. The proposed legislation mandates crypto platforms to secure permits, with non-compliance risking potential suspension. The bill covers a wide range of provisions, including customer asset separation, transparent advertising, and strict penalties for non-compliance.
Work in Web3 👩💻
Put your learning to work, upskill and join discussions that will help you level up!
Head of Growth 📈 Quiver Trade
Community Social Media Manager 🪄 Hungri Games
Developer Relations Lead 🛠 Builder Capital
Web3 Pecks 🐦
Let’s get into Posty’s fresh pecks from the world of web3!
🏦 Mastercard and MoonPay are partnering to explore web3 customer loyalty and engagement. MoonPay will integrate Mastercard's compliance-friendly Crypto Credential system and other payment features.
Over 1,000 police officers in Himachal Pradesh's Mandi district were swindled in a local cryptocurrency fraud involving 'Korvio Coin' and 'DGT Coin.' A Special Investigation Team (SIT) is probing the case, which has impacted at least 100,000 individuals.
5,000 Coinbase users have signed up as potential friend of the court to support the crypto exchange in its legal battle with the SEC. Pro-XRP lawyer John Deaton plans to file an amicus brief.
✨ Like the newsletter? You'd love the writers behind it!
Follow the editorial team at Spacekayak and get the creative team you need for your next big web3 project.
💡 New to web3?
Start your web3 journey with a series of live learning masterclasses & workshops by The Product House.